arning! Misconduct Alleged By Principal Securities Brokers Rick Bower, Steven Bohn, Brian Menzel
Principal Securities, Inc. (CRD#: 1137, Des Moines, Iowa) is a Financial Industry Regulated Authority (“FINRA”) regulated brokerage firm. Additionally, the firm is as an investment adviser firm which the Securities and Exchange Commission (“SEC”) regulates. Apparently, since Principal Securities’ establishment, it made seven disclosures concerning regulatory events. In some of those cases, regulators have fined or otherwise sanctioned the firm for breaking rules in the securities industry. In addition, Principal Securities, Inc. reported that on at least two occasions, FINRA Arbitrators ordered the firm to compensate customers for unauthorized accounts related activities. Furthermore, Principal Securities, Inc. brokers, including Rick Bower, Steven Bohn and Brian Menzel, disclose instances in which customers alleged wrongful conduct causing harm to them.
Principal Securities Customer Files Complaint About Rick Bowler’s Omissions
Rick Lynn Bower (CRD#: 5315073, Muscatine, Iowa) is presently a registered representative of Principal Securities, Inc. Apparently, Rick Bower joined the firm’s Muscatine, Iowa offices on June 16, 2008 following his employment at MWA Financial Services Inc. Notably, on March 22, 2017, a Principal Securities, Inc. customer brought a complaint concerning Rick Bower’s activities. Specifically, the customer alleged that Rick Bower did not explain the fees on a variable annuity that the customer purchased. Additionally, Rick Bower allegedly failed to inform the customer about the terms and conditions of variable annuity guarantees and riders. Although Rick Bower claims he provided the customer all information concerning suitability and riders, Principal Securities, Inc. opted to settle the customer’s complaint. Accordingly, on May 9, 2017, the firm agreed to pay the customer $12,750.00 to resolve the claim.
Principal Securities Discharges Steven Bohn For Settling Away, Discretionary Trading
Steven Randolph Bohn (CRD#: 4540037, Bakersfield, California) used to be a general securities representative of Principal Securities. Apparently, he started at the company’s Bakersfield, California offices on January 20, 2004. However, on December 9, 2016, Principal Securities, Inc. disaffiliated with Steven Bohn over allegations of his misconduct. Particularly, Principal Securities, Inc. discharged Steven Bohn for failing to appropriately notify the firm about a customer complaint. Presumably, the customer complaint concerned Steven Bohn’s activities, as Steven Bohn attempted to settle the customer’s complaint without the firm’s knowledge. Additionally, Principal Securities, Inc. claimed that Steven Bohn exercised discretion in a customer’s account. Firms typically prohibit discretionary trading unless the customer provides written consent and the firm approves the investment account as discretionary. It appears that Steven Bohn did not follow the firm’s policies. Evidently, Steven Bohn became a Liberty Partners Financial Services, LLC securities representative on November 20, 2017.
Brian Menzel Permitted To Resign For Violating Firm’s Customer Account Documentation Policy
Brian Scott Menzel (CRD#: 2592509, Hartland, Wisconsin) is another Principal Securities, Inc. broker who allegedly engaged in misconduct involving customer accounts. Apparently, Brian Menzel was a representative of the firm from February 12, 2014 to October 30, 2017. At that time, Principal Securities, Inc. permitted Brian Menzel to resign when the firm suspected he violated the firm’s policies and procedures. Allegedly, Brian Menzel inappropriately completed a customer’s annuity replacement documentation. Given the allegations, it is possible Brian Menzel placed information on the customer’s annuity paperwork that did not reflect the customer’s financial situation, or he potentially misrepresented the costs, terms and conditions of annuities involved in the replacement. Brian Menzel joined Woodbury Financial Services Inc. (CRD#: 421, Hartland, Wisconsin) on April 12, 2018.
Have you experienced losses by investing with Principal Securities brokers including Rick Bower, Steven Bohn and Brian Menzel. If so, feel free to contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Our firm has recovered millions of dollars for investors who have suffered losses due to broker and brokerage firm misconduct. We represent clients on a contingency fee basis and advance all costs.